Lennar reports second quarter 2022 results

2022 second quarter highlights - comparisons to the prior year quarter net earnings per diluted share increased 69% to $4.49 increased 59% to $4.69, excluding mark-to-market losses on technology investments in both years and the gain on the sale of the company's residential solar business in the prior year net earnings increased 59% to $1.3 billion increased 49% to $1.4 billion, excluding mark-to-market losses on technology investments in both years and the gain on the sale of the company's residential solar business in the prior year deliveries increased 14% to 16,549 homes new orders increased 4% to 17,792 homes; new orders dollar value increased 20% to $9.1 billion backlog increased 16% to 28,624 homes; backlog dollar value increased 33% to $14.7 billion total revenues increased 30% to $8.4 billion homebuilding operating earnings increased to $1.9 billion, compared to operating earnings of $1.1 billion gross margin on home sales improved 340 basis points ("bps") to 29.5% s,g&a expenses as a % of revenues from home sales improved 150 bps to 6.1% net margin on home sales improved 490 bps to 23.4% financial services operating earnings of $103.9 million, compared to operating earnings of $121.3 million multifamily operating earnings of $0.7 million, compared to operating earnings of $22.4 million lennar other operating loss of $108.4 million, compared to operating loss of $54.1 million homebuilding cash and cash equivalents of $1.3 billion controlled homesites increased to 62%, compared to 50% no borrowings under the company's $2.575 billion revolving credit facility homebuilding debt to total capital improved to 17.7%, compared to 23.1% repurchased 4.1 million shares of lennar common stock for $320.6 million miami , june 21, 2022 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's leading homebuilders, today reported results for its second quarter ended may 31, 2022. second quarter net earnings attributable to lennar in 2022 were $1.3 billion, or $4.49 per diluted share, compared to second quarter net earnings attributable to lennar in 2021 of $831.4 million, or $2.65 per diluted share.
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